Logical and Simple, but Much Too Simply For The Dunces,
This review is from: Austerity: The History of a Dangerous Idea (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)Austerity: The History of a Dangerous Idea
Mark Blyth is Professor of International Political Economy in the Department of Political Science at Brown University and a Faculty Fellow at Brown's Watson Institute for International Studies. He is also the author of Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century.
If you have common sense and are tired of being blamed for the idiocy of the crash, you will love this easy reading, simply perfect attack on one of the world's most insipid ideas in history, re: Economic "Austerity". Economic "Austerity", is right up there with, "The earth is square and if you sail too far out you will fall off of it", and "The Earth is the center of this universe".
As we know, in semi-modern times Austerity grew out of the mindlessness of Germany between the 1920's and 1940's. It crushed the USA economy under three presidents and the only good thing about it is that it gave us FDR who created the middle classes and put into place laws like "the Glass Steagal Act, which was introduced during the Great Depression by former Treasury Secretary Sen. Carter Glass (D-VA) and Chairman of the House Banking and Currency Committee Rep. Henry B. Steagall (D-AL). As one of the first acts of FDR's New Deal, the legislation segregated commercial banks from securities markets, established the Federal Deposit Insurance Corporation (FDIC) and enhanced the regulatory powers of the Federal Reserve over bank which prevented this sort of thing until they were overturned."
Its earlier history was in nations festering in envy, and the hatred created by those not known for having created intelligent and unbiased leaders or workers. Long before that it became the handy work of the most intellectually deprived minds on the planet. The entire Idea of As one historian said,"Austerity" is a canard created by thieves, dunces and fools. It is indeed "A Confederacy of Dunces of Political, Depopulationist, greedy, Corrupt Corporate Fascism in their Hate Mongering and coveting of the creation of the three Middle classes."
"Austerity's" "best points", (if there were any) are, useless, arrogance and incompetence. The notion that removing or reducing discretionary income some comes from minds which are envy and idiotically driven, without a clue about how math and an economy work at different levels. The economy of a family and a nation are far from the same. By taking away discretionary income one worsens a depression because those who have lost discretionary income can no longer support the companies from which they used they used to buy goods and services and then those companies go under. That is the kind of simple math taught in the best Primary and college prep school s around the world and the very notion that Austerity can solve the problems of throwing money away on poor investing and worse loans, is phenomenally, galactically, a symbol of indigestion of the brain, if there even is one, which is doubtful among those who propose it. The author uncovers much of this in his own words simply and easily comprehended by readers.
Austerity, is evidence that a nation has allowed the least qualified people into a game into which they should never have been allowed to enter.
Moreover, the main evil purpose/goal appears to be and should be admitted to be destabilization, a tool in which the present greedy Outsourcing avarice loaded Wall Street Bankster/theives aided by back to back, to back to back, friendly administrations and its attendant congresses, seems to delight in forcing onto other nations. Is that in practice for doing likewise unto ours? It is a path of disaster, which main goal is increasingly more disastertorus, ala the several presidents which preceded FDR.
As John Quiggin, author of Zombie Economics says, "Of all the zombie ideas that have been reanimated in the wake of the global financial crisis, austerity is the most dangerous. Mark Blyth shows how austerity created the disasters of the 1930s, and contributed to the descent of the world into global war. He shows how European austerity policies have prevented any recovery from the crisis of 2009, while rescuing and protecting the banks and financial institutions that created the crisis."
The KIRKUS REVIEW , says, "Most fascinating is the author's (Author Mark Blyth), "discussion of the historical underpinnings of austerity, first formulated by Enlightenment thinkers Locke, Hume and Adam Smith, around the (good) idea of parsimony and the (bad) idea of debt. Ultimately, writes Blyth, austerity is a 'zombie economic idea because it has been disproven time and again, but it just keeps coming.' A clear explanation of a complicated, and severely flawed, idea."
The very notion that a budget has to be balanced by cutting discretionary income is ludicrous, vicious, and speaks to a thing that should be sought out by the US Attorney General and indicted under the RICO ACT and sited under the title of High Treason.
Greedy banksters and Wall Street Demoniacs and either stupid and/or evil elected officials created the crisis we face.
Government cuts during a recession? How inconceivable is that? Don't you wonder why so many billionaires, corporate people and politicians are punishing us for what they did? IN world history, and especially in American History, only about four to five times have budgets ever been balanced.
Why were they, the criminals or the stupid, walking free? It would appear that this president thinks that he and they are above the law and God and see themselves as gods. Those who must balance the budget immediately regardless of the human cost should be noted for their lack of empathy, displacement of blame and lack of intelligence. The current crisis was not caused by taxpayers, but by foolhardy and corrupt banking and near zero interest and from Bailouts to stop banks from going into freefall when they should have been allowed to fall apart. Bailing them out at a rate of $85 billions a month by the twisted interests of the FED is wrecking the economy beyond easy repair.
In Austerity Blyth uses a General G, S. Patton attack, "Holding them by the nose and kicking them in the arse." A dual rush upon the villains.
What is amazing to me is that both the government and the voters allowed banksters and corporate pirates to make others believe that it was a failure by the people and not the banksters and corporate pirates and that the people, taxpayers should suffer the consequences and what makes the brightest people ticked is that we have an administration replacing the previous one, which is worse if that is possible.
An added note of my own curiosity and the least understandable misbegotten "fix" is the Bernanke plan to drop interest rates on savings to near zero which has blocked more than $1 trillion dollars of discretionary cash from entering the market and is being kept by the banks instead of their clients gaining it and spending it this improving the economy and the job market. The other thing is that no one has mentioned placing an excise tax of 5% - 10% above domestic retail prices, upon all outsourced jobs which would bring the 31 millions unemployed or underemployed back into the starving market place.
In fact that in 1920 an early depression was nipped in the bud by raising interest rates on savings and the recession ended within 18 months.
I love this book, probably because Blyth, Paul Krugman, Senator Bernies Sanders, and many others are thinking along similar lines.
I give it 5 x 5 Stars, God Bless Mark Blyth for wonderfully saying what is obvious to most of us and inconceivable to the corrupt.